BankIslami Pakistan and CDC have signed an MoU for Efficient Payment Mechanism.

BankIslami Pakistan and CDC have signed an MoU for Efficient Payment Mechanism.

BankIslami Pakistan Limited (BIPL) and Central Depository Company of Pakistan Limited (CDC) have signed a Memorandum of Understanding (MoU) on Efficient Payment Mechanism (EPM) at CDC House, Karachi on November 04, 2019.

A salient feature of the MoU is the Cash Management Payment Services which is being offered by BIPL to CDC regarding the execution of transactions of Mutual Funds and Discretionary Portfolio clients through the integration of their system with CDC’s Fund Management System. Through this integration, transactions will be executed between these two systems with minimal human intervention through the modes of Inter-bank Fund Transfer, Online Transfer, RTGS and Pay Orders.